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LaPlace residents brace for flood insurance hike

3 years 6 months 12 minutes ago March 28, 2013 Mar 28, 2013 Thursday, March 28 2013 March 28, 2013 5:28 PM in News
Source: WBRZ
By: Michael Shingleton

LAPLACE - Homeowners in St. John the Baptist Parish are concerned new FEMA flood maps will send flood insurance rates up 25 percent each year.

The Biggert-Waters Flood Insurance Reform Act signed into law by President Obama last year allows rates to increase on certain properties in flood zones by 25 percent a year until the coffers are filled again.

The National Flood Insurance Program (NFIP) is about $27 billion in debt after multiple natural disasters, and it will no longer receive the federal funding it has in the past.

For most, the rate hike doesn't take effect until 2014. The extension runs through September 2017.

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